Here’s A Special Report For You….at least that is what CNNMoney.com says

Man, this is going fast.  Democrats could have pulled it off in a day…but no…there were reservations.  Posturing, rhetoric, OHHHHH …I forgot…they were going to allow the fat cats to keep their $1Million Dollar per month salaries.  It is an election year.  Right?  Everybody’s job is on the line except in the Senate, and not all of those guys have to worry for two more years.  Do you people really understand how legislation works or do you work so hard that you don’t have time to think about it? 

Once again, CNNMoney has a story for us that we do not understand.  At least I don’t.  If you do please jump right in.  Let’s help each other here…pull together and get this thing done…afterall, WE ARE THE PEOPLE….aren’t we?

So, once again let’s get to the questions that are in the foreclosed basement and locked up so that the next owner will never discover the bodies.  This time it’s the Wachovia Bank bailout and the writer who so brilliantly enlightens us is David Ellis, who began his career as a sports writer in Tennessee. 

Well David, it IS a game isn’t it?  The donkeys VS the elephants.  That is the matchup…right?  Here are your comments …paragraph by paragraph and my questions that I would ask you to research.  That is if your VOLS aren’t playing this weekend.  Wouldn’t want to get in the middle of real sport.  This will be fun so let’s joust.

You say…

NEW YORK (CNNMoney.com) — Citigroup will acquire the banking operations of Wachovia for $2.2 billion in an all-stock deal announced Monday, following much speculation over the weekend about the fate of the nation’s fourth-largest bank.

Questions:  Who is Citigroup and why are they in a position to buyout the 4^th largest banking chain in the United States?

What is an “all stock deal” and why did the FDIC facilitate the transaction?  I thought that the FDIC was a Federally backed insurance agency.  What are they doing facilitating anything?

What does this “deal” mean to the shareholders of Wachovia?  Some really shallow reporting here.  Let’s move on.

To help finance the transaction, Citigroup said it would raise $10 billion through a sale of common stock and announced it would slash its quarterly dividend yet again, cutting it in half to 16 cents a share to preserve capital.

Questions:  I thought the shareholders were taking it in the butt, and where will this $10 billion come from…ohhh, I know…from investors who prey on those Wachovia employees who just got a nasty email.  Or maybe from the 10,000 or so individuals who have a philanthropic heart?  Maybe they will get “Trumped”.

As part of the deal, Citigroup will acquire Wachovia’s massive deposit network, giving it more than $600 billion in deposits in the U.S., about a 9.8% market share, and broadening its presence in such key regions as the Southeast and the West.

Question:  If the deposit network is so freaking “massive” then why did this happen at all?  Could it be that the debt from their deposits represents a minimal 8 to 1 borrow ratio from the FED? Why does that acronym keep popping up?

Mr. Ellis, no disrespect.  You are probably a very good sportswriter.  Good luck on October 11^th when UGA will kick your butt.  Otherwise, stay out of writing about things that you choose not to research to my satisfaction.

If you have the answers to these real questions of substance…post here

If you are looking for a real writer, why don’t you talk to me.

Bailout Bill Analysis

I just finished reading the story of the “great bailout” as reported by Jeanne Sahadi, Senior Editor of CNNMoney.  I was enthralled by the lackadaisical and inane reporting methodology utilized in the news item.  I am, like you, keenly interested in the most important financial legislation, since the Great Depression, and would like to know what’s up.  This is a great example of how our news is delivered to us.    After reading the article, I have more questions than carter has pills.  It is extremely frustrating to know that time, money and energy are wasted on no research and no substance of the proposed legislation, which may or may not come to fruition and supplies me with little substantive information.  Why would someone waste time by writing such a sophomoric overview without taking the time to fill in the blanks?  I seem to rely on these people to gather, absorb and truncate for me.  Perhaps I have awakened from a Rip Van Winkle.  This will be fun. 

I am going to dissect this article paragraph by paragraph, and question some key points that seem to have been left hanging off the gutters of our foreclosed homes.  It seems as though journalism has gone the way of the 6 second sound byte and Ms Sahadi’s report offers no more insight than a “for sale” sign.

So, I will attempt to raise pertinent questions “paragraph by paragraph”.  Line item analysis of this “analysis of the bailout according to  (Garp?)  It’s not possible…it went the way of the line item veto.  Unconstitutional….the Supreme Court said.  The President agrees or sends it back to Congress.  So here goes…just the facts ma’am.

NEW YORK (CNNMoney.com) — The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation’s troubled financial system, according to a bill released by leading lawmakers on Sunday.

Questions:     If it’s a bill and it’s released then what are the details?

What is the figure exactly?  What is “as much as” to you people?  200 Million?  400?  What is the number?

                        Define the “financial system” and why does “it” have trouble?

                        Who are the lawmakers involved?

House Speaker Nancy Pelosi, D-Calif., said she hopes the House will take up the bill on Monday. Sen. Majority Leader Harry Reid, D-Nev., said he believes the Senate can move on the legislation by Wednesday.

Questions:            Who the hell is Nancy Pelosi and what is she hoping for?

So, how does this thing work anyway?  (Two part question)   How does the congress pass a bill?

Why didn’t you guys work this hard for us before?

Pelosi said the provisions added by Democrats will protect taxpayers from having to pay for the bailout.

Questions:             What provisions did the Democrats add?

How will these provisions protect the taxpayers from having to pay for the bailout?

If we, as taxpayers, do not pay for the bailout….then who does?

“We sent a message to Wall Street - the party is over,” she said at a press conference with Reid and other Democratic leaders from the House and Senate.

Question:        So, I’ve been having a party and…I didn’t know about it?   Where was it held and why wasn’t I invited?

Perhaps my invitation was lost.  Was it?            (two part question)  And, if so…where?

Note:  So, now let’s go back to paragraph two which states:

House Speaker Nancy Pelosi, D-Calif., said she hopes the House will take up the bill on Monday. Sen. Majority Leader Harry Reid, D-Nev., said he believes the Senate can move on the legislation by Wednesday.

Questions:     So Speaker Pelosi “hopes” and Sen. Reid “believes”…hmmmm.  What does that mean?

                        Why did you allow a party in the first place?

The core of the bill is based on Treasury Secretary Henry Paulson’s request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.

Questions:              How does the Treasury Secretary get authority?  I thought we elected you people to take our best interest at heart…and by the way… didn’t you guys just give oversight authority to the FED?  Ohhhhh …sorry, didn’t mean to get your panties in a wad.

WELL I AM FREEZING MY ASSETS OFF?  WHAT IS THIS GOING TO DO FOR ME?

Sign up here for answers to all these questions and more…wait if you buy today….sorry the sale is off until further notice.

If you want a real writer why don’t you contact ME.  Will work for solar power.

http://money.cnn.com/2008/09/28/news/economy/Sunday_talks_bailout/?postversion=2008092820

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Sherry Frewerd
The Fair Credit Reporting Act (FCRA) entitles you to repair your own credit report. You have a legal right to dispute any information you find on your credit report. Enacted in 1971, the FCRA stipulates that the credit bureaus investigate all consumer disputes if they challenge credit information on their credit reports. As per this Act, the credit bureaus must complete the investigations within a 30-day period. Any information that cannot be verified or is found to be inaccurate must be deleted immediately.

Your Rights Under the FCRA

If your application for credit, employment, or insurance is rejected, you have a right under the FCRA to ask, within 60 days of the refusal, for a free credit report. The company rejecting your application must disclose which credit reporting company they used for getting your credit scores. Normally, the three major nationwide credit companies used are - Experian, TransUnion, and Equifax.

It is reported that nearly 79% of all credit reports contain some error or other inaccurate information. It is mandatory, under the FCRA, for the credit reporting companies to correct the incorrect information. Here are some steps to take to go about making the corrections:

• Write to the credit reporting company about the incorrect and inaccurate information.
• Send copies of documents that will verify your claims.
• Clearly, and in detail, itemize each inaccuracy, explaining why it is wrong.
• Include a copy of the credit report in question, highlighting the disputed statements.
• Ask to have the inaccurate and incorrect information removed from your credit report.
• Keep copies of all documents you sent to the credit reporting company.

The credit reporting company is obliged under the FCRA to forward the documents you supplied in support of your case, to whichever company or organization provided the initial disputed information. This organization must investigate and report back to the credit reporting company. If the information is found to be inaccurate, it must be corrected and also reported to the three major credit bureaus.

It is mandatory under the FCRA that the credit report agency must send the results to you, in writing, along with a free copy of your credit report. You can also ask the credit reporting company to send a copy of your corrected report to all those who had asked for it in the last six months.

The Fair Credit Reporting Act (FCRA) was created to ensure that your individual rights are protected and that everyone has the same opportunity to correct any inaccurate credit information on their report. When used correctly, this legal right can make a difference in your financial future.

By: Jeanette Joy Fisher

Let’s be crystal clear, right up front. Paying someone to “fix” your credit is a waste of your time and money, since the negative issues that are temporarily removed from your file will only reappear again in a couple of months.

Be careful with credit repair scams.

Most “credit repair” companies really don’t help. In fact, you can improve your credit more effectively on your own. By using credit repair companies, you may also be opening yourself up to identity theft, unsolicited emails, and direct mailings. Protect yourself; don’t ever share your personal information with strangers or give up your right to handle your own financial affairs as you see fit.

Another important point: credit counselors only promise to get you out of debt, not to improve your credit. Some companies will have you send them a check every month, out of which they’re supposed to pay your creditors for you. However, some credit counselors will often pay your bills late, which means that your credit report soon becomes filled with “over 30 days late” notations and your credit score drops even lower than it was.

“Debt negotiators,” posing as non-profit organizations, can ruin your credit even further, advising you not to pay your credit card bills at all. They also charge upfront fees, maintenance fees, and monthly fees, all of which are supposed to be placed in a “trust” account. Then, after many months have passed, debt negotiators finally convince creditors to settle for less money than was owed, making yours an “uncollectible account.”

That tactic not only ruins your credit, due to the many “over 90 days late” remarks and collections notations, but all the money you supposedly saved — which was actually money you owed — will be considered as income by the IRS! In other words, if you owed $20,000 and settled for $12,000, you’d be required to list the $8,000 difference as income!

Credit repair companies promise to help clear up your credit problems. They write letters to credit bureaus, stating that various listed information is false, so the agencies will remove that information while they investigate your account. During that time, the credit repair company sends you a clean credit report, thereby giving you the false impression that you now have good credit. But after you’ve paid off the credit repair company, you’ll discover that all the negative items will soon reappear on your report.

Remember: only incorrect items must be removed from your credit report if they’re proven to be false. If the black marks on your credit report are correct, no one can have them removed, regardless of what credit repair companies may try to tell you. Working with collectors to remove negative remarks is possible, but that’s another article.

Some credit repair agencies can probably do a reputable job removing items that are truly incorrect, such as: items after a bankruptcy that should have been removed, double items, children’s items on parents’ reports, and paid-off items that still show past due. Some people really just don’t like dealing with this kind of thing, so a reputable credit restoration company can help with these problems.

If you’re seeking legitimate financial help to buy a home, the best place to turn is to a mortgage broker. They’re the ones who can offer you the best FREE advice for settling credit disputes and problems, so when you find yourself in difficulty, consider using a mortgage broker as your credit counselor.

Credit Repair services promise to remove all of the negative items from your credit reports, and some of them truly are bona-fide credit repair experts. But what the credit repair organizations don’t tell you is that you can repair your credit file yourself, and you don’t have to be a credit repair expert to do it.

Many credit repair services will charge you hundreds of dollars to help you clean up your tarnished credit report when you can easily do it yourself for free. And to add insult to injury, a few of them will use credit repair techniques that are unethical or even illegal! If you aren’t careful, you’ll end up in worse shape than you were in when you began!

That being said, if you do your homework and choose wisely, there are quite a few credit repair firms that do a very good job for a reasonable fee. Just ask for references (like past customers) and follow up with them. If you’re diligent, a quality credit repair organization can do wonders for your credit profile.

The purpose of this article is to provide a starting point for those wishing to repair their poor credit histories on their own, sort of a tutorial in “do-it-yourself credit repair”.

Here are the basic steps to follow for an effective do-it-yourself credit repair campaign:

• Get a copy of your credit report from all 3 major credit bureaus (Experian, Equifax, and Trans Union). You’ll find them listed in the yellow pages. Contact each bureau and request a copy of your credit report. Expect to pay a small fee for each copy, but you can’t repair your credit without them.
• On the back of each report, you’ll find an explanation of the codes used in the file. Study these codes so that you’ll know which accounts you need to concentrate on most while you’re performing each step of the credit repair process.
• The first items to search for are what are known as “charge-offs”. This means that the creditor has given up on trying to collect the debt and they have written it off as a loss. There is simply no way to effectively repair your credit without successfully getting these items removed from your credit reports.

Contact each creditor that has charged off a loan asking for re-instatement. Explain what happened to cause you to default and let them know that the problem has been fixed and you’re ready to start paying on the balance due again. They’ll understand that you’re trying to repair your credit and likely go along with you.

Many times they will re-open the account and report it as current to the credit bureaus after they receive your first agreed upon payment. If all of your charged-off accounts are eventually re-instated and reported as current, your credit repair campaign will be doing very well indeed.

You may not be able to get all of your charge-offs re-instated however. If this is the case, contact these creditors again and request a “settlement amount”. They will usually agree to accept 50% of the amount due as a settlement. Ask that upon receipt of payment, the account status be changed to “closed”. Get this agreement in writing before sending your payment. Removing charge-off items are essential to a successful credit repair campaign.

Next, search for late payment entries. These are usually pretty easy to clear up. Just contact the creditors and explain why you had difficulty making your payments on time. Tell them that the problem is fixed and you’ll make your payments on time from now on. And make sure that you do make them on time or all of your hard work will have been for nothing!

Ask the creditors to remove the late payment entries after you have made timely payments for a period of time, say 90 days. Most will. Again, most people understand that many of us have financial difficulties from time to time and they’ll cooperate and help you repair your credit.

Judgments will need to be removed next. You’ll have to pay off these loans in full in order to do so. Contact the lender and make arrangements to pay off the amount due with an agreement (in writing) that the judgment will be removed and the account reported as closed after full payment is made.

These steps can help you repair your credit and regain a strong financial footing. Credit repair techniques aren’t difficult to understand and perform. All it takes is a little research and hard work.

Don’t let the credit repair companies take advantage of you. Repair your credit on your own or choose a quality credit repair service that will work with your best interest in mind! You’ll find an abundance of good credit repair firms on the web. Just be sure to select one with a good track record.